And so much more. Plus, they have the most inexpensive price for the largest number of high-quality features.

Best Expense Management Software Providers

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What features do the best expense management software have?

There are two types of expense management software that we will discuss in this guide: those that are better for small businesses and those that are better for individuals.

Depending on the size and needs of your company, you will require different features of your software.

For example, individuals may prefer to focus on self-employed tax deductions when tracking their expenses.

Small business owners, though, may be tracking expenses in order to ensure that employees are being compensated properly for client meetings and mileage.

However, there are some features that all of the best expense management software have:

Automated Data Entry

You should be able to easily take pictures or insert receipt and expense data into the app or software. It should have an automated system that then takes those entries and tracks and condenses these expenses into clear, comprehensive reports.

Multiple Data Entries

It should also have multiple avenues for data entry. This could include pictures of receipts, personal or corporate credit card statements, linking to bank accounts, GPS mileage tracking, time tracking software, and more.

You will also want to ensure that there are reimbursement options for those expenses that employees pay for with their own money.

Not all expense management software will offer all of these forms of data entry, but you should choose a system that has the types that will work best for your business.

(For example, if you drive to meet clients often, you will want mileage tracking. If you purchase goods to resell, a corporate credit card is a must.)

Integration

If you use other business software, you want to ensure your expense management software will integrate properly.

This includes time tracking, travel management, payroll, accounting, and workforce management software. The more integrated your systems, the easier it will be to track workflow, productivity, costs, and profits.

It allows for credit card import if you would like to link personal or company cards outside of the business’ account. It also offers automatic direct deposit reimbursement that can be repaid within 24 hours (your employees will love that).

Automatic Reimbursement Process

Expensify makes submitting, approving, and reimbursing expenses simply, painless, and of course automatic. Employees simply have to scan their receipt using the SmartScan app, and Expensify will automatically code and report the expense.

Then, it will automatically approve common or pre-approved expenses—so managers don’t have to waste time going through and approving every single expense.

However, it will still notify managers in the Inbox of all expenses, so you can always keep an eye on your business.

(The Guided Review in the Inbox actually prioritizes what the manager should be looking at and which expenses still need to be approved, which saves time and energy.)

Once the expenses are approved in real-time, Expensify will reimburse the employee’s bank within 24 hours.

Plus, Expensify offers unlimited receipt uploads. They will store everything in the cloud with thorough images and reports, so you can get rid of the file cabinets and leave the organization up to them!

(It also detects duplicate scans, even between credit card and cash receipts, to ensure the business is not losing any money.)

Integrations

Expensify has some of the best integration systems on the market. Expensify can easily be linked to your other business’ software, and it can even be connected to Uber and other travel apps for simple expense tracking!

It will automatically sync with accounting software for real-time expense tracking. Some of the software with which it is able to integrate includes Intuit Quickbooks, Zenefits, TSheets, Xero, NetSuite.

And so much more. Learn more about our top picks for Time Clocking Software and Online Payroll Software for small businesses! Our picks tend to integrate with Expensify for ease of usage (and because great products attract other great products!).

Xpenditure is a mobile application that allows employees to quickly and easily upload pictures of their receipts and manage their accounts right on their cell phones.

Features

Simple Tracking

One of the best features of Xpenditure is that it is capable of tracking mileage and time. Not only does it allow employees to directly upload their receipts just with a tap on their phone.

But it also allows them to directly input billable hours—which is crucial if you do not have a separate time tracking software. It also offers trip allocation and expense rules, so employees know how much to spend on a given expense.

Xpenditure is incredibly simple to use, with just a few minimalistic and easy-to-navigate pages. It offers real time data and reports so you always have insight into your expenses, spotting irregularities in minutes.

Integration

It integrates with all major online accounting and productivity applications, as well as financial services institutions to make taxes and financial reporting simpler and more concise.

It even offers many bank integrations or custom API integrations if your business has specific needs that are not atomically cohesive with Xpenditure’s service.

Customer Support

One of our favorite aspects about Xpenditure is separate from its traditional features. Xpenditure truly cares about the knowledge of their clients.

They have a significant support system, blog, webinar trainings, and more to help grow your business and manage expenses effortlessly.

Although it does not have as many complex features as some other companies, it is one of the simplest and most accessible software platforms, and employees absolutely love the ease of use.

Price

Xpenditure’s team package is $5.83 per month per user, billed annually. This allows up to 50 users and all of the typical features mentioned above.

The enterprise package is a custom plan, where the cost and features vary based on your needs. The cost is $4.27 for the individual plan. However, this plan has fewer benefits than other packages.

BizXpense Tracker is an application that tracks and stores expenses, mileage and time.

This app is small but mighty and it averages 4.5 to 5 stars on iTunes with over 1500 customer ratings! This app is better for smaller or single-person companies and not for larger businesses.

Features

Customization

One of the best parts of BizXpense is the hefty focus on customization. You can completely customize all parts of the expense management app to make it your own.

You can customize categories and sub-categories and even customize your keyboard for calculator functions that are most relevant to your business!

It allows you to filter on screen by date, category, payment type, or client, and it has the most extensive set of personal preferences on the market! Navigating their appis easy, significantly reducing the time you’ll be managing your expenses.

Mileage and Time Tracking

BizXpense tracks your mileage in a customizable way that best fits you. You can track your mileage live, using GPS with a start/stop odometer reading for precise travel expenses.

You can also preset “frequent trips,” like Office to Client A, so you can easily enter these without having to track each time.

It will also track your time and billable hours. You can create different custom rates and rate types, such as hourly rates, per visit, or per day. You can also calculate overtime worked or categorize PTO.

Support and Security

Because it is an application, you can automatically sync the info with iCloud or Dropbox for safe keeping.

You’ll never have to worry about losing your year’s expenses right before tax season (which always seems to happen)! BizXpense also offers speedy support, and their consumers love how quickly they respond!

Price

BizXpense Tracker costs $6.99 to purchase this all-inclusive expense app. The price seems more inexpensive, as this software is made for individuals. It is not easily distributed for businesses with many employees.

There are also in-app purchases to “boost” your app, such as device to device syncing (if you have a business partner), mileage location awareness, ultimate custom reports, and autotrack subscriptions.

This is great for the one-man or –woman show looking for a simple, easy to use interface to cut down the hours spent on management expenses, mileage, and time.

Taxbot is the expense management software dedicated to saving you money.

They focus on providing tips and tricks to help you increase your government refund and boost your tax deductions. Their goal is to track your expenses to save you money when tax time rolls around.

This is made for individual contractors or individuals, as it is not shareable and it doesn’t have an extensive list of features.

However, it allows you to track multiple businesses and vehicles in the same single-person account.

Features

The Taxbot app has two major features: storing/tracking receipts and tracking/classifying mileage with GPS.

They purport that their receipt storage and mileage can be accomplished so quickly that it can be done with ease during a client meeting!

It will then even show you your total estimated deductions for that day, week, or month. You will be saving money as you spend money with Taxbot.

It will then classify your expenses into an attractive pie chart to help you determine where you are spending the most money.

It also allows you to securely import your expenses directly from the bank, if you forgot a receipt or major charge. Taxbot offers AuditSafe reports to ensure you are always IRS compliant.

“It’s time to replace that shoebox of receipts.”

Price

The subscription for the Taxbot app is $9.99 per month. Although it’s on the pricier side for an individual business owner, this is the easiest way to ensure you get a hefty check back from the government. You have to spend money to make and save money.

Expense Management Software: Our Final Review

These are apps that focus on mileage and time tracking through an on-the-go mobile interface. They tend to focus on personal tax deductions rather than on overall business or corporate expenses.

Expensify and Xpenditure on the other hand are for small businesses with several users and more extensive or complex expenses.

Although these services are not as strong at tracking mileage or time, they can be easily integrated with other payroll and time management software (which are more comprehensive for larger companies).

We recommend similarly and reasonably priced expense management software, so you can choose based on the needs of your business—rather than being constrained by the “small business budget.”

This expense management software can help you decrease your time on paperwork, increase your tax deductions, boost employee productivity, and save your business thousands of dollars in manpower and expense-related costs.

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